02/10/2014 06:41 EST | Updated 04/12/2014 05:59 EDT

Longview Oil board reviewing non-binding takeover offer, few details released

CALGARY - Longview Oil Corp. (TSX:LNV) is reviewing an unsolicited, non-binding takeover offer from an unidentified public company.

Longview provided few details except that the prospective bidder would pay for the deal with its own shares.

The company says it has set up a special committee to review the proposal and also adopted a shareholder rights plan.

The rights plan is a defensive move to provide Longview's board with time to evaluate the offer and alternatives.

The overture comes at a time when Longview is preparing to become independent of its largest shareholder.

Advantage Oil & Gas Ltd. (TSX:AAV) said last week that it would sell its 45 per cent stake in Longview for $94.1 million by the end of February.

They also agreed to terminate a technical services agreement in which Advantage provided the personnel to manage Longview's business.